Western Digital gains after topping Q1 profit estimates
Updates
** Shares of memory chip maker Western Digital WDC.O rise 7.8% to $71.45; hit three-month high
** Company topped Wall Street ests. for quarterlyprofit on demand for its data storage products
** Western Digital reported FY25 Q1 adj EPS of $1.78, beating analysts' expectation of $1.72, according to data compiled by LSEG
** Company posted Q1 rev of $4.10 bln versus est. of $4.12 bln
** Rev from cloud market climbed 17% to $2.21 bln, sequentially
** Expects Q2 rev of $4.20 bln to$4.40 bln, whose mid- point is below est. of $4.34 bln - LSEG
** Expects adj. EPS of $1.75 to $2.05, compared with est. of $1.93
** At least four brokerages raise PT on stock
** Morgan Stanley raises PT to $100 from $94
** Separation of hard disk drive and NAND memory businesses will be key to unlocking value and seems on schedule for early 2025 - Morgan Stanley
** Including session's move, stockup 36.4% YTD
Reporting by Sukriti Gupta in Bengaluru
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